Video & Transcript : 'fiduciary' :
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KY
Kentucky 2025 Regular Session
Senate Standing Committee on State & Local Government (2-19-25)
Transcript Highlights:
- It didn't get time for another hearing, but it provides for codified fiduciary standard, purchasing fiduciary
- So we don't have a codified fiduciary standard. We're rolling on a prudent man standard.
- The fiduciary liability we already buy fiduciary liability insurance.
- </c> straightforward uh the fiduciary straightforward uh the fiduciary liability<00:28:08.200><c> we<
- already buy fiduciary liability we already buy fiduciary liability<00:28:10.039><c> insurance</c><00
Summary:
The Senate Standing Committee on State and Local Government heard testimony on Senate Bill 10, which would revise CERS retiree health subsidies for members who began participating on or before July 1, 2003. Senator Mills said the bill was developed with employee and employer groups to improve retiree health benefits while protecting the system’s financial footing, using a shared-cost structure. Testimony from sheriffs, police chiefs, firefighters, and the League of Cities strongly supported the bill, emphasizing recruitment and retention, affordability of retiree health coverage, and limited taxpayer risk. Members echoed those points, and the committee approved SB 10 with a 9-0 favorable recommendation.
The committee then took up Senate Bill 65, sponsored by Senator West, which would codify the Administrative Regulations Committee’s annual practice of placing certain deficient regulations into statute so they cannot take effect. West explained that the committee’s role is limited to finding regulations deficient or asking for deferral, and that SB 65 is the fifth version of this measure. He described the specific regulation at issue as a Medicaid Services rule that would have required behavioral health associates to hold a master’s degree; providers testified that it would reduce the workforce and harm behavioral health services statewide. West said the committee had deferred the matter eight times before deciding to side with providers. The bill received favorable expression and was reported out.
Finally, the committee heard Senate Bill 104, sponsored by Senator Madon, concerning Kentucky Deferred Comp for state employees. The bill would establish a codified fiduciary standard, authorize fiduciary liability insurance, add self-correcting mechanisms to keep the plan in compliance with federal law, and allow self-directed brokerage accounts. Personnel Cabinet representatives said the changes would align the plan with other public pension plans, reduce risk, and offer participants a useful investment option with strong account growth among users. SB 104 also received favorable expression and was reported to the floor. The committee then adjourned.
OK
Oklahoma 2026 Regular Session
Retirement and Government Resources REVISED Apr 21st, 2026
Retirement and Government Resources
Transcript Highlights:
- So how can he be on the board as a fiduciary and also be the whistleblower?
- This simply says your fiduciary duty is to look mainly, exclusively, at the pecuniary return on these
- You're looking at fiduciaries and proxies who will agree to also take the state's policy into account
- Currently, these proxies and the members that are served on these investment boards, their fiduciaries
- And more importantly, it still puts fiduciaries that want to consider everything.
Bills:
HB1170
Committee:
Senate Retirement and Government Resources
Summary:
The Senate Committee on Retirement and Government Affairs met to consider two executive nominations and House Bill 1170. Mark Wood was introduced as nominee to lead OMES; he described his background in public accounting and tax administration, said his focus would be on stabilizing the agency, improving efficiency, and balancing accountability with service. Senators asked about OMES’s core mission and whether some duties should be returned to agencies; Wood said he would keep an open mind and work with legislators on possible changes. The committee advanced his nomination on a 9-0 vote.
The committee then heard Dwayne Helmberger’s nomination to the State Fire Marshal Commission. Helmberger, currently Stillwater fire chief and formerly assistant chief in Midwest City, emphasized code administration, education, and coordination with other agencies. Senators questioned him about backlogs in fire marshal inspections for marijuana grow operations and certificates of occupancy; he said the backlog was driven by the volume of applications and could be addressed through better planning, coordination, and logistics. His nomination also advanced unanimously, 9-0.
Finally, the committee considered House Bill 1170, which would direct pension fiduciaries to focus on pecuniary interests and avoid non-financial ESG considerations. Senator Daniels explained that the bill was intended to clarify state policy and align definitions with related measures, and she requested a title strike while continuing to work on the language. Members raised concerns about due process, immunity provisions, and whether the bill would conflict with recent court rulings or still allow consideration of ESG factors when financially relevant. After debate, the committee passed the bill 6-2.
ID
Transcript Highlights:
- And what the justice has found is they said we disagree that the state's fiduciary obligation does not
- As has been noted, that imposes fiduciary obligations on the state and the land board.
- Richards, you referred to the fiduciary responsibility.
- You referred to the fiduciary responsibility.
- But at the end of the day, the fiduciary responsibility still lies with the Land Board.
Committee:
House State Affairs
MN
Minnesota 2025-2026 Regular Session
Senate Floor Session - Part 3 - 05/16/26
Minnesota Senate Floor Meeting
Transcript Highlights:
- It is our fiduciary obligation to manage it in the very best way.
- It is our fiduciary<01:06:35.200><c> obliga</c><01:06:36.000><c> obligation</c> fiduciary obliga obligation
- </c><02:19:47.120><c> duty</c> brings me back to the fiduciary duty brings me back to the fiduciary duty
- When it comes to fiduciary duty.
- It is our fiduciary duty. We have a strict legal and ethical responsibility.
TX
Transcript Highlights:
- relating to the priority payment of claims against a decent estate or for the subcommittee on Family fiduciary
- on dementia and Alzheimer's disease for certain guardians or for the subcommittee on Family and fiduciary
- amicus attorneys and certainties affecting the parent-child relationships for the second and family fiduciary
- by Hayes relating to the contents of a trust accounting refer to the subcommittee on Family and Fiduciary
- to the decedents states and matters involving probate courts for the Subcommittee on Family and fiduciary
LA
Louisiana 2026 Regular Session
Commerce Mar 30th, 2026
Commerce, Consumer Protection, and International Affairs
Transcript Highlights:
- There’s no difference in the definition of the fiduciary asset manager? That is correct.
- “There’s no difference in the definition of the fiduciary asset manager? That is correct.
- Department of Labor issued guidance that fiduciaries must vote the shares of stock they hold because
- If proxy advice isn't based on financial analysis, those fiduciary duties may not be met.
- Everybody has a fiduciary duty to vote their shares.
Summary:
The committee first took up House Bill 750 by Rep. Cox, the “Click to Cancel Act,” regulating automatic renewal contracts. After adopting technical and substantive amendments, members discussed easier cancellation methods, reduced notice requirements, shorter record-retention periods, a 30-day cure period, small-business exemptions, and limiting damages to actual damages. The bill drew support from consumer advocates and opposition cards from industry groups, and it was reported favorably as amended.
House Bill 259 by Rep. DeWitt addressed damage to underground infrastructure during BEAD-funded broadband excavation projects, requiring notice before digging and making contractors repair or pay for damage before final payment is released. An amendment added pre-construction coordination, a point of contact, and fault-based liability language. Members discussed rural utility damage, broadband buildout, and the need to protect small water systems; the bill was reported favorably as amended. The committee then considered HB 220 by Rep. Schlegel, which requires covered platforms to maintain an easy-to-use reporting mechanism for child sexual abuse material and exploitation. After technical and clarifying amendments, the sponsor and members discussed scope, nonprofit and small-business exclusions, AG enforcement discretion, and concerns about clear-and-conspicuous placement. The bill was reported favorably as amended.
Next, HB 830 by Rep. Wright required proxy advisors to disclose when anti-management recommendations are not based on written financial analysis and to provide that analysis when it exists. After amendments excluding certain affiliates and 501(c)(3) charities, the sponsor and a witness argued the bill was about transparency and fiduciary duty, while LASERS testified in opposition, saying the measure could make proxy advice unavailable and create a hardship for its internally managed portfolio. The bill was nonetheless reported favorably as amended. The committee also advanced HB 463 by Rep. McMakin, which raises the maximum local 9-1-1 service charge from $1.25 to $2.00, with an amendment requiring annual reporting and local governing authority approval; testimony explained the funding need for Next Generation 9-1-1, and the bill was reported favorably as amended.
Finally, the committee began HB 536 by Rep. Coates on wireless communication facilities near schools. After adopting technical and then lengthy substantive amendments narrowing the school proximity zone, adjusting setbacks, adding co-location and permit timing provisions, and clarifying uniform application, members raised concerns about whether the bill duplicated existing safety standards, could delay deployment, and whether it would apply only to new towers. The sponsor and a parent witness emphasized school safety and emergency planning, but discussion remained ongoing when the transcript ended.
MN
Minnesota 2025-2026 Regular Session
Committee on Judiciary and Public Safety - 01/27/25
Judiciary and Public Safety
Transcript Highlights:
- powers, it is possible to divide those powers among separate people who serve in different fiduciary
- So an investment adviser might oversee the investment portion of the fiduciary duties, a distribution
- Powers it is holds all the fiduciary Powers it is possible<00:09:16.200><c> to</c><00:09:16.640><c>
- </c> investment portion of the fiduciary investment portion of the fiduciary duties<00:09:26.760><c>
- </c><00:10:01.320><c> standard</c> being held to a fiduciary standard being held to a fiduciary standard
Committee:
Senate Judiciary and Public Safety
LA
Transcript Highlights:
- There's no difference in the definition of the fiduciary asset manager? That is correct.
- I'll just make sure I wasn't missing anything, that we're not changing the definition of fiduciary.
- Department of Labor issued guidance that fiduciaries must vote the shares of stock they hold because
- If proxy advice isn't based on financial analysis, those fiduciary duties may not be met.
- Everybody has a fiduciary duty to vote their shares.
Keywords:
child exploitation, online reporting, platforms, cyber crime, PROTECT Act, excavation, demolition, infrastructure repair, BEAD Program, utility damage, construction coordination, contact point, emergency services, telephone charge, wireless service, reporting requirements, communications district, wireless communication, school safety, community permits
WA
Washington 2025-2026 Regular Session
Select Committee on Pension Policy Oct 21st, 2025 at 10:00 am
Select Committee on Pension Policy
Transcript Highlights:
- It's not the state's fiduciary duty.
- plan are the fiduciaries.
- Yes, and I would add to that: it's not just a fiduciary consideration.
- are satisfying their fiduciary duties.
- Basically, this is a part of your fiduciary duty to consider this risk. Thank you.
Committee:
Joint Select Committee on Pension Policy
Summary:
The Select Committee on Pension Policy approved the September minutes and then received a presentation from DRS staff on the FY 2024 CEM benchmarking survey. DRS described its administrative costs, service levels, and technology modernization efforts, noting that its overall service was just below peer averages but had recovered since COVID, and that major projects such as the CorePAM system replacement are a significant driver of costs. Committee members and DRS emphasized that the benchmarking is meant to compare administrative efficiency, not the total cost of benefits, and DRS said the CorePAM project is expected to finish around September 2027.
The committee then continued its LEOFF 1 study discussion with staff, the Office of the State Actuary, the Attorney General’s office, Ice Miller, and the State Investment Board. The discussion focused on two legislative approaches: a merger of LEOFF 1, PERS 1, and TRS 1 into a Legacy Plan (5085) and a terminate-and-restate approach for LEOFF 1 (2034). Testimony explained that both approaches could satisfy federal tax requirements if the IRS issues a favorable determination letter and private letter ruling after enactment, and that the merger is viewed as the more conservative option. Witnesses said the exclusive benefit rule prevents surplus assets from being used for non-benefit purposes, but allows them to support benefits and reasonable administrative costs for plan members and beneficiaries. Questions from members centered on whether the IRS would require plan funding above 100 percent, how overfunding could be managed, the effect of prior legislation such as ESSB 5357, and the costs and timing of IRS filings; staff and counsel said the IRS process can take a year or more and recommended waiting for approval before implementation.
The committee also adopted preliminary 2026 meeting dates. During public comment, several speakers supported the merger bill because it would permanently eliminate the current LEOFF 1 employer surcharge and provide a permanent COLA for retirees, while others urged caution about creating additional pension burdens for state and local governments. One commenter asked the committee to study climate change as a systemic risk to pension investments, and another requested an ad hoc COLA for Plan 1 retirees in 2026. The meeting ended with no action on the LEOFF 1 study beyond discussion and with the meeting calendar approved.
HI
Hawaii 2025 Regular Session
CPN DEFER, CPN, CPN Public Hearings 02-25-2025
Commerce and Consumer Protection
Transcript Highlights:
- We offered some friendly amendments just because, as Realtors, we have a fiduciary duty to our client
- We offered some friendly amendments just because, as Realtors, we have a fiduciary duty to our client
- duty to our client we have a fiduciary duty to our client to<00:08:37.880><c> ensure</c><00:08:38.519
- </c><00:08:46.440><c> duty</c><00:08:46.880><c> thank</c> we can uphold that fiduciary duty thank we
- can uphold that fiduciary duty thank you<00:08:47.920><c> thank</c> you thank you thank you<00:08:49.800
Committee:
Senate Commerce and Consumer Protection
Summary:
The Senate Committee on Commerce and Consumer Protection held decision-making and hearing sessions on February 25, 2025, on several measures. In decision-making, the committee passed with amendments SP 588 SD1, SP 1245 SD1 (pharmacists), SB 1287 (transparency), and SP 1298 SD1 (recycling), generally adopting agency-requested or technical amendments and in several cases pushing the effective date far into the future to keep the bills moving. The committee deferred SP 1149 SD1 and SP 281 SD1 for one day, and indefinitely deferred SP 1286 SD1 on motor vehicles after noting no supportive or opposing testimony and that the Office of Consumer Protection wanted to work further with the introducer.
In the later hearing on consumer-protection-related measures, the committee heard testimony on SB 419 (insurance), SB 942 (rental applications), and SB 1142 (insurance proceeds). SB 419 would require auto insurance to cover replacement of a damaged child passenger restraint system; the Attorney General’s office suggested language to avoid contract impairment, and the measure was advanced with amendments. SB 942 would bar landlords from rejecting applicants solely for lack of a recent paycheck if they can show sufficient liquid assets or unearned income; testimony was largely supportive, with Realtors asking for clarifying amendments to protect their fiduciary duties, while a witness opposed those changes as an unnecessary burden on retirees and elders. SB 1142 would impose requirements on mortgage services for disbursing insurance proceeds after damage to residential property; DCCA and the Council for Native Hawaiian Advancement supported it, and the committee advanced it with technical amendments and a defective effective date.
Across the actions, the committee repeatedly voted to pass measures with amendments, with the chair voting aye and, on SB 942, the vice chair voting with reservations over the Realtors’ amendments. No measures were rejected in the portions provided, and the committee adjourned after adopting the recommendations.
NH
New Hampshire 2025 Regular Session
Senate Executive Departments and Administration (04/16/2025)
Executive Departments and Administration
Transcript Highlights:
- of their fiduciary responsibilities of their town,<01:36:27.440><c> having</c><01:36:27.760><c> that
- duty—if you have two loyalties, you can't complete the fiduciary duty.
- If it's not the best offer, the PDIP advisory board, under their fiduciary duty, has to say no.
- A second item that the fiduciary duty.
- ><c> our</c><01:44:22.960><c> Peter</c> fiduciary responsibility that our Peter fiduciary responsibility
NY
Transcript Highlights:
- an act to amend the Surrogates Court Procedure Act in relation to persons ineligible to act as a fiduciary
- who can't speak English, whether or not they have sufficient support to act in relation to being a fiduciary
- Being a fiduciary, as you know, because you practice in this area, and so does Raker.
- may have difficulty, and that's where we have judges allowing them to make the decision as to the fiduciary
- I've just had this issue recently: even unintended delay subjects a fiduciary to surcharge and interest
Committee:
Senate Judiciary
Summary:
The committee met for its final meeting of the year and considered a series of Judiciary-related bills. The first measure, S.48 (Walsh), proposed a constitutional amendment to bar the governor from using messages of necessity for budget-related bills. Supporters argued that budget bills should receive the normal three-day review period and that the public and legislature need more time to examine major spending and policy changes. Despite that support, the motion to advance the bill failed, and it was not reported.
Several other bills were advanced with little or no opposition. S.951 (Kavanaugh), requiring disclosure of certain demographic information by real estate brokers and salespersons, was reported to Finance. S.7279 (Scarcella Spanton), allowing certified school psychologists to participate in certifications related to intellectual or developmental disability, was reported to the floor. S.9582 (Gonzalez), concerning persons ineligible to act as fiduciaries, drew concerns that judges should retain discretion and that the bill could create problems for well-intended fiduciaries, but it was still reported to the floor. S.9765 (Sunshine and Litigation Act on protective orders), S.9788 (arbitration), S.9788/9789 (jurisdiction over certain defendants in city and justice courts), S.9848 (contents of claims in the Court of Claims), and S.9894 (rape shield/evidence of a victim’s sexual conduct or dress) were also reported to the floor.
The committee also discussed S.9790 (audio-visual coverage of judicial proceedings), with supporters saying cameras would increase transparency and public trust while preserving safeguards for sensitive proceedings; it was reported to the floor. Another bill, S.9798, would prohibit the use of reproductive or sexual health devices as evidence of prostitution in certain criminal or civil proceedings; it was reported to Codes. The meeting concluded after all listed bills were acted on, with the chair thanking members and guests and noting the committee would meet again the following week.
TX
Transcript Highlights:
- The chair recalls Senate Bill 942 from the subcommittee on family and fiduciary relationships, and the
- The chair recalls Senate Bill 1448 from the subcommittee on family and fiduciary relationships in the
- The chair recalls Senate Bill 1536 from the subcommittee on family and fiduciary relationships.
- The chair recalls Senate Bill 1838 from the Subcommittee on Family and Fiduciary Relationships, and the
- The chair recalls Senate Bill 1923 from the Subcommittee on Family and Fiduciary Relationships and the
Committee:
House Judiciary & Civil Jurisprudence
Keywords:
statutory probate courts, probate court fees, judicial fund, county reimbursement, comptroller, Texas Government Code, Local Government Code, court fees, fee allocation, excess contributions, judicial education and support fund, presiding judge salary, county finance, court administration, Texas judiciary, revenue distribution, SB 2933, elder abuse, neglect, judicial training
Summary:
The Committee on Judiciary and Civil Jurisprudence heard testimony on Senate Bill 1015, which would clarify that the comptroller is responsible for distributing excess judicial fund payments back to statutory probate courts. Judge Guy Herman testified in support, saying the bill would help ensure probate courts receive funding they are entitled to, while Ed Heimlich testified against the bill with broad criticism of probate courts and judicial practices. The committee then heard Senate Bill 2933, which would add elder abuse training to required judicial education for several categories of judges and judicial officers; Dr. Bruce Hargrave supported the bill, citing the prevalence and underreporting of elder abuse and the need for judges to recognize warning signs. No votes were taken on either of those bills, and SB 2933 was left pending.
The committee then reconsidered Senate Bill 38, an eviction-related bill, and Vice Chair Hayes described two agreed floor amendments: one limiting the summary disposition procedure to forcible entry and detainer cases involving squatters, and another requiring a notice to pay rent or vacate for tenants who had been timely payers but missed a payment. After discussion, the committee voted 6-4 to report SB 38 without amendments. The committee also adopted or advanced a series of other bills and resolutions, including SB 293, SB 1141, SB 1448, SB 1536, SB 1558, SB 1838, SB 1940, SB 2127, SB 53, SB 251, SB 311, SB 387, SB 441 (with a substitute), SB 1164, SB 1335, SB 1574 (with a substitute), SB 1719, SB 1760, SB 1839, SB 1923 (with a substitute), SB 2807, and SJR 27 (with a substitute).
Most measures were reported favorably on largely party-line or near-unanimous votes, with a few close votes on SB 942, SB 311, SB 2807, and SJR 27. SB 942, relating to retroactive child support beginning at conception, initially failed 5-5 but was reconsidered and then passed 6-5. The committee adjourned after completing its agenda.
TX
Transcript Highlights:
- Corporations have a fiduciary duty to maximize shareholder value.
- So you want to over-regulate out of the state of Texas for the corporate practice of fiduciary?
- Fiduciary duty for their shareholders. You just used the word "over-regulate." Yes, over-regulate.
- So when we discuss fiduciary duties for...
- Because this is not a fiduciary duty claim from what I can tell, or is it based on fiduciary duty in
Committee:
House Judiciary & Civil Jurisprudence
Keywords:
healthcare liability, emergency medical care, standard of proof, negligence, legal reforms, Texas General Arbitration Act, arbitration, binding arbitration, statute of limitations, limitations period, tolling, Civil Practice and Remedies Code, Section 16.073, alternative dispute resolution, ADR, civil procedure, lawsuit filing, court jurisdiction, Judiciary & Civil Jurisprudence, procedural law
KY
Kentucky 2026 Regular Session
House Legislative Session Day 18 (2-2-26)
Kentucky House Floor Meeting
Transcript Highlights:
- . >> House Bill 143, an act relating to fiduciary bonds. >> Representative Elliott. >> Gentleman from
- Speaker, House Bill 143 would simply remove the requirement that a fiduciary bond be signed by the fiduciary
- </c><00:06:36.560><c> Representative</c><00:06:37.120><c> Elliott,</c> fiduciary bonds.
- Representative Elliott, fiduciary bonds.
- </c> remove the requirement that a fiduciary remove the requirement that a fiduciary bond<00:06:57.120
KY
Kentucky 2025 Regular Session
Public Pension Oversight Board (2-24-25)
Transcript Highlights:
- ><c> defined</c> other advisers that do have a a defined other advisers that do have a a defined fiduciary
- <00:22:18.200><c> responsibility</c><00:22:18.880><c> and</c><00:22:19.039><c> oversight</c> Fiduciary
- responsibility to that have a fiduciary responsibility to that company<00:25:17.480><c> and</c><00:25
- I believe that that is correct, and I believe the 2023 legislation just talks about the fiduciary and
- fiduciary fiduciary responsibility<00:30:12.960><c> for</c><00:30:13.159><c> a</c><00:30:13.399><c>
Summary:
The committee first approved the minutes from its January 27 meeting and then took up House Bill 694, which would create a default rule for the Teachers’ Retirement System health insurance trust fund once it reaches 100% funding, currently anticipated around 2027. The bill would redirect two funding streams now going to the health trust—state payments on behalf of local districts and other employer contributions—into TRS pension benefits if the health fund reaches and maintains full funding. The sponsor said this would add about $154 million annually to TRS pensions and would only serve as a default if no other plan is adopted later.
Members asked whether the bill would shift the unfunded liability to teachers or affect employee contributions. The sponsor and staff said it would not shift liability to teachers and would not change the employee contribution; only the employer-side payments would be redirected. Several members asked about the meaning of actuarial 100% funding, whether the fund could fall back below 100%, and whether employee contributions might be reduced in the future. The sponsor said the bill is based on actuarial projections, would revert the money back to the health trust if funding fell below 100%, and does not prevent future legislative or board action. Senator Higdon and others spoke in support of discussing the issue, noting the 2010 shared-responsibility changes and the need for a default approach as full funding is reached.
The committee then heard Senate Bill 183, which would amend Kentucky law governing proxy advisers used by retirement systems. The sponsor said the bill would require proxy advisers, when handling shareholder-sponsored proposals, to act solely in the interest of retirement system members and beneficiaries and to provide an economic analysis when voting against a company board’s recommendation. He argued the measure is aimed at proxy advisers such as ISS and Glass Lewis, which he said often advance ESG-related proposals not tied to shareholder value. A guest from APCIA said the bill is meant to distinguish proxy advisers from investment managers and to strengthen the 2023 law by requiring a clearer economic justification for votes that depart from board recommendations.
Members asked how proxy advisers differ from other financial advisers, whether Kentucky uses them, and whether the bill would prevent pension funds from investing in companies with ESG factors if those investments are profitable. The sponsor and guest said the bill would not bar such investments; it is intended to regulate proxy voting recommendations, not investment decisions. They described the bill as a proactive measure to reinforce fiduciary responsibility and limit outside proxy influence on pension voting. No final vote on either bill was taken in the portion of the meeting provided.
MN
Minnesota 2025-2026 Regular Session
Committee on Commerce and Consumer Protection - 03/24/26
Commerce and Consumer Protection
Transcript Highlights:
- </c><00:01:40.800><c> to</c> There's no fiduciary responsibility to There's no fiduciary responsibility
- So, when would a credit union be violating a fiduciary standard as acting in a fiduciary capacity?
- So, when would a fiduciary standard?
- </c> credit union be violating a fiduciary credit union be violating a fiduciary standard<00:02:14.080
- And I'm says fiduciary capacity.
Committee:
Senate Commerce and Consumer Protection
WA
Transcript Highlights:
- The Coal Act does not change the SIB's fiduciary responsibilities.
- The Coal Act does not change the SIB's fiduciary responsibilities to maximize returns. Thanks.
- Instead, it strengthens fiduciary duty.
- So the fiduciary responsibility of the state investment board should reflect the values of our state.
- But our evidence-based premise here is simple: this is not a choice between ethics and fiduciary duty
Committee:
Senate Ways & Means
MN
Minnesota 2025-2026 Regular Session
Utility executive compensation 3/17/26
Minnesota House Floor Meeting
Transcript Highlights:
- And so I think this is a good vote to vote with the people we have a fiduciary duty with.
- These corporations do not have a fiduciary duty to their ratepayers.
- They have a fiduciary duty, as you heard, to their investors.
- </c><00:32:28.559><c> These</c> we have a fiduciary duty with. These we have a fiduciary duty with.
- </c> corporations do not have a fiduciary corporations do not have a fiduciary duty<00:32:30.559><c>
Summary:
The committee heard House File 76, as amended by the adopted A1 amendment, and the chair moved the bill to be re-referred to the general register. The bill would limit the amount investor-owned utilities can charge ratepayers for executive compensation, capping recoverable pay for the top 10 executives at the governor’s salary. Representative Greenman argued the measure would protect customers from paying for lavish executive pay and said it would not affect what executives are paid, only what can be recovered from ratepayers. She cited recent Public Utilities Commission action and ongoing rate cases as evidence the issue is real and recurring.
Supportive testimony came from a Minneapolis resident describing financial hardship and rising utility bills, a local worker who said customers have no choice of utility provider and should not fund monopoly executive pay, and advocates from the Energy and Policy Institute and Utility Reform Now, who said ratepayers should not subsidize excessive compensation and that the bill is a targeted reform. Xcel Energy and CenterPoint Energy opposed the bill’s premise by defending the current regulatory process. Their representatives said the PUC already reviews executive compensation in rate cases, generally allows only limited recovery, and has used that process for decades. Xcel also emphasized its affordability programs and said executives help secure savings and investments for customers.
Members discussed whether the legislature should set a bright-line rule or leave the issue to the PUC. Representative Greenman said the bill is needed because the PUC process can take years and the legislature should establish a clear standard for all investor-owned utilities. Some members supported the bill as a response to an affordability crisis and the lack of consumer choice, while others said the legislature should focus on broader energy-cost issues and existing regulatory tools. The committee did not take a final vote on the bill in the portion of the meeting provided, but the amendment was adopted and the bill was moved for re-referral to the general register.
WA
Washington 2025-2026 Regular Session
Senate Ways & Means Jan 29th, 2026
Transcript Highlights:
- It is a violation of SIB's fiduciary duty to make investments that help walk society into high-warming
- The Coal Act does not change the SIB's fiduciary responsibilities.
- The Coal Act does not change the SIB's fiduciary responsibilities to maximize returns. Thanks.
- Instead, it strengthens fiduciary duty.
- But our evidence-based premise here is simple: this is not a choice between ethics and fiduciary duty
Summary:
The committee began with a work session from the State Investment Board, where staff described the board’s structure, $230 billion in assets under management, and its mandate to maximize returns at a prudent level of risk for pension and other state funds. They reviewed long-term performance, noting strong historical returns and explaining that the board generally invests public equities passively through low-cost index funds. Members also discussed sustainability practices, including ESG integration, proxy voting, climate and DEI blueprints, and the board’s view that divestment or asset-class restrictions can reduce returns and increase costs. Senators asked about deferred compensation, legislative influence over investment policy, and digital assets; staff said the board is slow-moving and that any major change would be studied carefully.
The public hearing then focused on SB 5439, which would prohibit new thermal coal investments beginning in 2026 and require full divestment by 2030, with limited exceptions. Supporters argued coal is a poor long-term investment and a major climate and health risk, and several said the bill still gives the board flexibility to retain holdings in companies transitioning to clean energy. The committee also heard testimony on SB 6109, which would bar investments in private detention facilities and require divestment by 2030; supporters said state money should not profit from immigrant detention, while staff confirmed the board currently holds a small investment in Geo Group. SB 6304 would require responsible investment principles for the State Investment Board, including consideration of human rights, environmental degradation, corruption, and related risks, along with proxy voting guidelines and annual reporting. Testimony in favor emphasized ethical investing, climate risk, and avoiding complicity in human rights abuses, while board staff had earlier said they view such decisions through an investment-risk lens rather than a values-based lens.
The committee also heard Substitute SB 5945, which would exclude most offenses committed before age 18 from counting as strikes under the state’s persistent offender law and would allow retroactive resentencing for affected people, with exceptions for first- and second-degree murder and serious sex offenses. Staff said the substitute would likely affect fewer cases than the original bill, with estimates ranging from about 10 to 24 resentencings. Public defense, prosecutors, and sheriffs’ representatives raised concerns about workload, victim impacts, and retroactive application, while supporters and pro bono providers said they were prepared to help with resentencing and reentry support. No votes were taken during the hearing.